Title
Bylaw 2021-05 Infrastructure Borrowing - Walker Lake Water Loop
Proposed Motions
1. That Bylaw 2021-05 receive second reading.
2. That Bylaw 2021-05 receive third and final reading.
3. That Council approve authorization of electronic signature for Bylaw 2021-05 in accordance with Section 213 of the Municipal Government Act.
Body
Administration Recommendation
Administration supports the motions as presented.
Purpose
To comply with Sections 251 and 258 of the Municipal Government Act that require Council to pass a bylaw to facilitate long-term borrowing of funds.
Summary
The Walker Lake Water Loop project was identified in the 2015 Water Servicing Plan for the Acheson and Big Lake area. This connection provides a secondary connection into the Big Lake area which can be critical during water servicing operations or during emergency repairs due to a water main break. The cost of the infrastructure is not to exceed $1,800,000 and will be accommodated by debt borrowing. The anticipated interest rate is to be determined but is not to exceed 7.0 percent over a 25 year term, as outlined in Bylaw 2021-05. The repayment of the indebtedness for the levy-able infrastructure, plus any interest expenses, is to be managed through the collection of off-site levies as development within the benefiting area progresses.
Administration will use an authorized financial institution to facilitate the debt needs.
First reading of the bylaw was given on February 23, 2021. As per the requirement of section 606 of the Municipal Government Act, advertising of Bylaw 2021-05 was placed in the Friday, February 26, 2021 and Friday, March 5, 2021 editions of the local paper. No valid petitions or public input were received at the time this report was written.
Bylaw 2021-05, if approved, will fulfill the terms and conditions represented within the Municipal Government Act for long-term borrowing.
Strategic Plan/Policy/Legal/Staff Implications
Bylaw 2021-05 meets the eligibility requ...
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